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From the Associated Press
WASHINGTON (AP) — The United States and China are pulling back from the brink of a trade war after the world’s two biggest economies reported progress in talks aimed at bringing down America’s massive trade deficit with Beijing.
“We are putting the trade war on hold,” Treasury Secretary Steven Mnuchin said Sunday.
After high-level talks Thursday and Friday in Washington, Beijing agreed in a joint statement with the U.S. to “substantially reduce” America’s trade deficit with China, but did not commit to cut the gap by any specific amount. The Trump administration had sought to slash the deficit by $200 billion.
Still, Mnuchin said the two countries had made “meaningful progress” and that the administration has agreed to put on hold proposed tariffs on up to $150 billion in Chinese products. China had promised to retaliate in a move that threatened a tit for tat trade war.
COMMENT:-
US, China putting trade war on hold after progress in talks
WASHINGTON (AP) — The United States and China are pulling back from the brink of a trade war after the world’s two biggest economies reported progress in talks aimed at bringing down America’s massive trade deficit with Beijing.
“We are putting the trade war on hold,” Treasury Secretary Steven Mnuchin said Sunday.
After high-level talks Thursday and Friday in Washington, Beijing agreed in a joint statement with the U.S. to “substantially reduce” America’s trade deficit with China, but did not commit to cut the gap by any specific amount. The Trump administration had sought to slash the deficit by $200 billion.
Still, Mnuchin said the two countries had made “meaningful progress” and that the administration has agreed to put on hold proposed tariffs on up to $150 billion in Chinese products. China had promised to retaliate in a move that threatened a tit for tat trade war.
COMMENT:-
"Unintended consequences" are not unusual, and there is a good discussion of possible ones at Result of US-China talks: Short-term relief, long-term risks (which I can't figure out if it's "News" or "Opinion" since it seems to include both) but which does relate directly to this article.
